Gold futures hit record high of Rs 26,960 on global cues

Aug 18, 2011 |

New Delhi

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Buoyed by a firming global trend, gold prices shot up by another Rs 175 to hit a new high of Rs 26,960 per ten grams in futures trade today.

All the running contracts -- for October, December and far-month February delivery -- were trading at record highs.

At the Multi Commodity Exchange, gold for delivery in far-month February shot up by another Rs 175, or 0.65 per cent, to Rs 26,960 per ten grams, with a turnover of 11 lots.

In a similar fashion, the metal for delivery in October rose by Rs 163, or 0.36 per cent, to trade at record high of Rs 26,557 per ten grams, with a turnover of 4,347 lots.

Similarly, gold for delivery in December spurted by Rs 225, or 0.47 per cent, to trade at a record high of Rs 26,720 per ten grams, clocking a turnover of 418 lots.

Market analysts attributed the rise in gold futures prices to enlarging of positions by speculators, in tandem with a firming trend overseas as fears of a global slowdown spurred demand for the precious metal as an alternative investment.

Meanwhile, spot gold prices climbed by USD 3.70 to USD 1,792.70 an ounce in the Asian region today.

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